Maybulk shares fall 1.47% on POSH stake sale plans

PETALING JAYA: Malaysian Bulk Carriers Bhd's (Maybulk) shares fell one sen or 1.47% this morning, after it proposed to sell its entire 21.23% stake in Singapore-listed PACC Offshore Services Holdings Ltd (POSH) to its shareholders.
At 11.16 am, the stock stood at 67 sen with 49,000 shares changing hands. The group has a market capitalisation of RM675 million.
Yesterday, Maybulk said the disposal is due to the need to raise funds to strengthen its future operations given the weakness in the dry bulk and offshore services sectors in the recent years, which has resulted in a cash flow constraint.
POSH is involved in offshore marine support services. Kuok (Singapore) Ltd is its largest shareholder with a 60.3% stake.